William Penn Life, 1999 (34. évfolyam, 2-12. szám)
1999 / Különszám
William Penn Association holds the resources-financial and otherwise-to progress into the 21st century with confidence and promise." The National Vice President-Treasurer’s Address to the Convention by Diane M. Torma Dear fellow delegates and guests: It is a privilege to welcome all of you to William Penn Association's 34th General Convention. Visiting with friends I have made during my 12 years with William Penn, as well as making new acquaintances, is indeed a pleasure. I am honored to stand before you, having served in the capacity of national vice president-treasurer for nearly three years-three years which have included many challenges, learning experiences and, through teamwork, many accomplishments. Naturally, one of the fundamental responsibilities of the office of treasurer is to facilitate the investment and safeguarding of the Association's assets according to policies dictated and set forth by the Board. I am pleased to report that during the past four years, the Association has preserved its historical trend of superior financial performance. The finances will be presented in more detail later, during the convention report. However, there are several significant statistics achieved in 1998, which warrant particular emphasis. • Admitted assets reached a record level of $129.3 million, an increase of over $15 million in a four-year period. The steady growth of admitted assets is a sure measure of strength and stability. • Surplus attained an astounding $20,880,000, indicating the Association's ability to take emergencies in stride. • The solvency ratio exceeded 119 percent, meaning that for every one dollar in liabilities, the Association holds $1.19 in assets, reflecting quite an impressive safety margin. • Life insurance in force was nearly $222 million. Of course, we realize that the loyal nature of our membership, as well as their premium dollars, were instrumental in fulfilling these achievements. It is important to note that this income is managed safely, primarily in investment grade bonds. A competitive yield has been sustained despite a general decline in interest rates, all without sacrificing quality or liquidity. The Association's funds are available to meet all claim obligations. I would like to thank the Board for affording me the opportunity to have served as treasurer for the past three years. It is professionally and personally rewarding. I thank my fellow officers for their guidance and support and our Home Office staff for their hard work and dedication. And, I especially thank all our members for their commitment to keeping the fraternal flame of William Penn Association burning strong. The future is certain to hold many challenges for our Association and for the fraternal industry as a whole. But, you and all of our members can rest assured that William Penn Association holds the resources—financial and otherwise—to progress into the 21st century with confidence and promise. I am truly honored to share with all of you in the success of our beloved William Penn Association. Hillum Prim life, Special Convention Issue, November 1999 3
